Wazua
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Treasury Bills and Bonds
Rank: Elder Joined: 2/16/2007 Posts: 2,114
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Aguytrying wrote:Chaka wrote:https://www.businessdailyafrica.com/markets/marketnews/StanChart-eyes-investors-with-mobile-bonds-app/3815534-5459372-7s3fvi/index.html
What do the gurus prefer, invest directly with CBK or through this stanchart bank / app? I am thinking that the Stanchart guys will pool funds from investors and then purchase long term bonds,i,e as compared to an individual investor bidding with their "small"amounts..I could be wrong though..
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Rank: Member Joined: 7/1/2009 Posts: 272
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amorphous wrote:Taurrus wrote:Monk wrote:Has CBK started posting the 15% withholding Tax (WHT) on iTax? If not, and you declare interest earned from T/bills on your annual Income Tax return, how do you claim the WHT as a tax credit?
Someone please help, need to know too. As with anything here dealing with KRA, it is hard to tell. Technically the withholding tax is supposed to be a final tax. Especially if you are a non-resident. My advice. Always get a TCC whether or not you file your bond income. That way you are covered each year if they lete nyoko nyoko. In my experience, KRA is too unpredictable. If you are not declaring these earnings, some years down the line, they could come after you with penalties, further whittling down the interest earnings you thought were yours.
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Rank: Member Joined: 5/15/2019 Posts: 687 Location: planet earth
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Monk wrote:amorphous wrote:Taurrus wrote:Monk wrote:Has CBK started posting the 15% withholding Tax (WHT) on iTax? If not, and you declare interest earned from T/bills on your annual Income Tax return, how do you claim the WHT as a tax credit?
Someone please help, need to know too. As with anything here dealing with KRA, it is hard to tell. Technically the withholding tax is supposed to be a final tax. Especially if you are a non-resident. My advice. Always get a TCC whether or not you file your bond income. That way you are covered each year if they lete nyoko nyoko. In my experience, KRA is too unpredictable. If you are not declaring these earnings, some years down the line, they could come after you with penalties, further whittling down the interest earnings you thought were yours. I agree. That's where the TCC comes in. It's a legal document admissible in court showing you are tax compliant. If withholding tax is a final tax (at least for non residents) then one does not need to worry. For residents, the worry is not that you did not pay enough tax and hence accrue penalties) but how to recover the taxes paid if you overpaid. Most people do not even bother since the overpaid % is negligible at best. In the final analysis, it all boils down to sheer plain old hard work and dogged persistence. Nothing more, nothing less!!
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Rank: Member Joined: 7/1/2009 Posts: 272
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amorphous wrote:Monk wrote:amorphous wrote:Taurrus wrote:Monk wrote:Has CBK started posting the 15% withholding Tax (WHT) on iTax? If not, and you declare interest earned from T/bills on your annual Income Tax return, how do you claim the WHT as a tax credit?
Someone please help, need to know too. As with anything here dealing with KRA, it is hard to tell. Technically the withholding tax is supposed to be a final tax. Especially if you are a non-resident. My advice. Always get a TCC whether or not you file your bond income. That way you are covered each year if they lete nyoko nyoko. In my experience, KRA is too unpredictable. If you are not declaring these earnings, some years down the line, they could come after you with penalties, further whittling down the interest earnings you thought were yours. I agree. That's where the TCC comes in. It's a legal document admissible in court showing you are tax compliant. If withholding tax is a final tax (at least for non residents) then one does not need to worry. For residents, the worry is not that you did not pay enough tax and hence accrue penalties) but how to recover the taxes paid if you overpaid. Most people do not even bother since the overpaid % is negligible at best. TCC...might try that. On overpayment, two years in a row, they rejected my returns (sole proprietorship) which had a tax overpayment (Adv tax), forcing me to write off some of the expenses. They only seem to accept tax overpayments for limited companies.
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Rank: Member Joined: 11/17/2009 Posts: 399 Location: Where everyone knows you
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maka wrote:Chaka wrote:https://www.businessdailyafrica.com/markets/marketnews/StanChart-eyes-investors-with-mobile-bonds-app/3815534-5459372-7s3fvi/index.html
Good progress .... I will give it a try just as I did with G- Kuze by Genghis which is crap TBH... Let's see how this goes. @ maka. Standard Chartered are useless when it comes to such things.After the cap on interest rates , they came up with many money making schemes to fleece some customers who were not well informed about investing. I have been a Priority Customer for many years. They had been calling me all the time to offer their services to buy T Bills/Bonds. Their charge was 3% of the face value of the Bill/Bond. Lets say, I need to buy a Bill/Bond worth 5 million. They wanted to charge 150K. I told them to go stuff it. After they launched this new app, my relationship manager was very excited to tell me that they had reduced their charges to 2% of the face value. I told her to check the CBK site. No response.
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Rank: Member Joined: 8/25/2015 Posts: 839 Location: Kite
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amorphous wrote:I registered for TMD
Very easy process. Do not waste your time printing and filling the form like I did. The real form is 3 pages long, not the single page they post online, so just go to CBK and fill it there. Does not take more than 10 minutes.
Within 3 hours I had received a text saying I'm registered.
Using their USSD I set my PIN and logged in.
Yes, you are able to see bonds and bills on offer.Have not traded any yet.
They send you nifty little alerts whenever each coupon payment hits your account (but as expected...the alerts come hours later in the evening, not realtime.) Those alerts only say bond FXD blah blah blah has paid a coupon to account with digits ending XYXZ.
You can also check your total portfolio balance.
And query a particular bond or bill you own.
Overall this is a wonderful service. CBK finally left the dark ages. Now they should link it to secondary trading eg I assume the SC service some of you are talking about above. You still need to go through an outside party to trade your bills or bonds.
Good luck to all. Thanks and how do you pay for the T-Bills? what am asking is it possible to pay using ones MPESA or Bank app. account.
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Rank: Member Joined: 5/15/2019 Posts: 687 Location: planet earth
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Taurrus wrote:amorphous wrote:I registered for TMD
Very easy process. Do not waste your time printing and filling the form like I did. The real form is 3 pages long, not the single page they post online, so just go to CBK and fill it there. Does not take more than 10 minutes.
Within 3 hours I had received a text saying I'm registered.
Using their USSD I set my PIN and logged in.
Yes, you are able to see bonds and bills on offer.Have not traded any yet.
They send you nifty little alerts whenever each coupon payment hits your account (but as expected...the alerts come hours later in the evening, not realtime.) Those alerts only say bond FXD blah blah blah has paid a coupon to account with digits ending XYXZ.
You can also check your total portfolio balance.
And query a particular bond or bill you own.
Overall this is a wonderful service. CBK finally left the dark ages. Now they should link it to secondary trading eg I assume the SC service some of you are talking about above. You still need to go through an outside party to trade your bills or bonds.
Good luck to all. Thanks and how do you pay for the T-Bills? what am asking is it possible to pay using ones MPESA or Bank app. account. Bilas! You pay as you have always paid. For me it has been bank transfer direct into my virtual account. I assume you can also do m-pesa to virtual account if CBK has a paybill but I highly doubt this. Someone else can confirm for us. In the final analysis, it all boils down to sheer plain old hard work and dogged persistence. Nothing more, nothing less!!
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Rank: Member Joined: 8/25/2015 Posts: 839 Location: Kite
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amorphous wrote:Taurrus wrote:amorphous wrote:I registered for TMD
Very easy process. Do not waste your time printing and filling the form like I did. The real form is 3 pages long, not the single page they post online, so just go to CBK and fill it there. Does not take more than 10 minutes.
Within 3 hours I had received a text saying I'm registered.
Using their USSD I set my PIN and logged in.
Yes, you are able to see bonds and bills on offer.Have not traded any yet.
They send you nifty little alerts whenever each coupon payment hits your account (but as expected...the alerts come hours later in the evening, not realtime.) Those alerts only say bond FXD blah blah blah has paid a coupon to account with digits ending XYXZ.
You can also check your total portfolio balance.
And query a particular bond or bill you own.
Overall this is a wonderful service. CBK finally left the dark ages. Now they should link it to secondary trading eg I assume the SC service some of you are talking about above. You still need to go through an outside party to trade your bills or bonds.
Good luck to all. Thanks and how do you pay for the T-Bills? what am asking is it possible to pay using ones MPESA or Bank app. account. Bilas! You pay as you have always paid. For me it has been bank transfer direct into my virtual account. I assume you can also do m-pesa to virtual account if CBK has a paybill but I highly doubt this. Someone else can confirm for us. Thanks , if not then for diaspora is of no use.
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Rank: Member Joined: 3/1/2019 Posts: 170 Location: Nairobi
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MatataMingi wrote:maka wrote:Chaka wrote:https://www.businessdailyafrica.com/markets/marketnews/StanChart-eyes-investors-with-mobile-bonds-app/3815534-5459372-7s3fvi/index.html
Good progress .... I will give it a try just as I did with G- Kuze by Genghis which is crap TBH... Let's see how this goes. @ maka. Standard Chartered are useless when it comes to such things.After the cap on interest rates , they came up with many money making schemes to fleece some customers who were not well informed about investing. I have been a Priority Customer for many years. They had been calling me all the time to offer their services to buy T Bills/Bonds. Their charge was 3% of the face value of the Bill/Bond. Lets say, I need to buy a Bill/Bond worth 5 million. They wanted to charge 150K. I told them to go stuff it. After they launched this new app, my relationship manager was very excited to tell me that they had reduced their charges to 2% of the face value. I told her to check the CBK site. No response. that percentage sounds okay to me considering the improved level of service and peace of mind you will get from stanchart. I would say it all depends on how much time you have in your hands and what else you have going with the bank .. for some people it's a reasonable rate
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Rank: Elder Joined: 4/22/2010 Posts: 11,522 Location: Nairobi
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NewMoney wrote:MatataMingi wrote:maka wrote:Chaka wrote:https://www.businessdailyafrica.com/markets/marketnews/StanChart-eyes-investors-with-mobile-bonds-app/3815534-5459372-7s3fvi/index.html
Good progress .... I will give it a try just as I did with G- Kuze by Genghis which is crap TBH... Let's see how this goes. @ maka. Standard Chartered are useless when it comes to such things.After the cap on interest rates , they came up with many money making schemes to fleece some customers who were not well informed about investing. I have been a Priority Customer for many years. They had been calling me all the time to offer their services to buy T Bills/Bonds. Their charge was 3% of the face value of the Bill/Bond. Lets say, I need to buy a Bill/Bond worth 5 million. They wanted to charge 150K. I told them to go stuff it. After they launched this new app, my relationship manager was very excited to tell me that they had reduced their charges to 2% of the face value. I told her to check the CBK site. No response. that percentage sounds okay to me considering the improved level of service and peace of mind you will get from stanchart. I would say it all depends on how much time you have in your hands and what else you have going with the bank .. for some people it's a reasonable rate That eats into your chumz we need to be efficient in such matters....CBK charge 0...Maybe you only pay RTGS fees like 5sok depending on your bank.... possunt quia posse videntur
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